AMC Global Media

AMCX

Entertainment · Communication Services

Price

$10.49

-0.41 (-3.76%)

Market Cap

$340.3M

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+30.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 43.4M (2021) → 56.6M (2025)

AMC Networks owns and operates a group of cable television channels in the United States. Its most well-known channel is AMC, famous for hit shows like *The Walking Dead* and *Breaking Bad*. The company also owns other channels including BBC America, IFC, SundanceTV, and WE tv, and it sells streaming subscriptions through services like AMC+.

The company makes money in two main ways: charging cable and satellite providers fees to carry its channels, and selling advertising during its shows. It also earns subscription revenue from its streaming services. AMC Networks operates mostly in the United States, with some international content licensing. It is a relatively small media company with a market cap around $500 million. The biggest risk it faces is the ongoing decline of traditional cable TV, as more viewers cancel cable subscriptions — a trend that puts steady pressure on the fees and ad revenue that the company depends on.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-2.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-207.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (12%)

Research and development spending

Insider Activity

2.2%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$552M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

AMC Global Media's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

43.8%

Healthy — 43.8% gross margin

Operating Margin

6.6%

Modest — 6.6% operating margin

ROCE

1.3%

Weak — 1.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-3.4%

Shrinking sales (-3.4% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

495%

Turns 495% of profit into real cash

FCF Margin

10.4%

Modest free cash flow (10.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

1.85

Elevated debt (1.85)

Interest Cover

0.63x

Dangerous — barely covers interest (0.6x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

9.0x

Attractive valuation — P/E 9.0

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

-0.8

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.

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